Home Prices See 11th Straight Monthly Gain in December, Up 5.5% as Inventory Stays Tight

Home prices rose 5.5% nationally in December compared to a year ago, marking the 11th straight monthly increase
The 10-city and 20-city composites tracking major markets saw even larger annual gains of 7% and 6.1% respectively
San Diego led with an 8.8% yearly price jump; Portland saw the smallest at just 0.3%
This was the first time in 2023 all 20 cities in the index reported a year-over-year gain
Inventory remains very tight, down 34.3% from pre-pandemic levels despite recent dips in mortgage rates